• Allkem (TSX:AKE) has announced an updated mineral resource estimate for its James Bay project in Quebec
  • The mineral resource increased by 110 million tons at 1.30 per cent lithium oxide
  • The maiden Inferred Mineral Resource in the NW Sector remains open along strike and at depth with growth potential
  • Shares of Allkem are down 1.10 per cent to C$12.62 as of 11:46 a.m. ET

Allkem (TSX:AKE) has reported a 173 per cent increase in a mineral resource estimate for its James Bay project in Quebec.

In a news release, the Brisbane, Australia-based company said the updated mineral resource increased to 110.2 million tons at 1.30 per cent lithium oxide.

This includes 54.3 million tons at 1.30 per cent lithium oxide in the indicated category and an additional 55.9 million tons at 1.29 per cent lithium oxide in the inferred category.

“James Bay is now one of the largest spodumene lithium assets and clearly has the potential to grow even further as the boundaries of mineralization are tested through an additional drilling program commencing later in the year,” Martin Perez de Solay, CEO of Allkem, said in a statement.

The company said the maiden Inferred Mineral Resource in the NW Sector remains open along strike and at depth with growth potential.

Moving forward into the rest of the year, a drilling campaign of infill and extensional drilling is planned for the winter to test for along-strike and down-dip extensions of the pegmatite dykes beyond the area included in the estimate.

Shares of Allkem are down 1.10 per cent to C$12.62 as of 11:46 a.m. ET.

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